A progressive income tax would force nearly all joint filers in Illinois to pay higher income taxes than they would as single filers. Meanwhile, some wealthy couples would save thousands in state income taxes.
Reversing the state’s outmigration of residents and encouraging the job creation Illinoisans need to thrive – and the state needs for stable revenues – require lawmakers to rein in government overspending and resist calls for tax hikes that would further depress Illinois’ economic growth.
Even after a 32 percent income tax hike, the Illinois General Assembly passed a state budget in 2017 that will generate an estimated $1.5 billion deficit in fiscal year 2018. That deficit is projected to grow to $2.15 billion in fiscal year 2019, according to the Governor’s Office of Management and Budget, or GOMB. The...
While effective property tax rates might be on the decline in some communities, census data show Illinois families are seeing a larger share of their household budgets eaten up by property tax bills.
Illinois’ Prevailing Wage Act has no place in the 21st century. Policymakers should enact fair and competitive construction laws that give all individuals who are willing to work a fighting chance.
Illinoisans saw more than 30 percent of their income go to income taxes and property taxes from March 2015 to March 2016 – a higher share than residents of every bordering state.
Chicago’s $1.15 billion projected budget gap is the latest in a decades-long string of structural deficits. Making Chicago’s high taxes worse is not the solution.